Looking to buy 1st home with a VA loan...?

Has anyone done this? I spoke with a bank awhile back & they said basically, so long as there is nothing on my husbands credit report in collections, he would be approved with no money down. Is that it? Do we really need to enlist our own realtor? Does it matter if we go thru a bank or any mom-pop mortgage company? What kind of out-of-pocket expenses can we expect? Any info or direction would be greatly appreciated!

Well as far as qualifying, it's not just based on credit. You still have to qualify income wise too. As a first time homebuyer, check and see if there is any special first time homebuyer programs available. VA is not always the best way to go. In CA they have a special program to help new buyers with down payment and even closing costs in some cases.

Now with respect to your other question, I would definitely enlist the help of a realtor. Preferably you get someone who is recommended to you. It's not a great idea to have the same agent handle the sellers side and your side at the same time. Any time you see a house for sale you don't really want to call the agent on the sign. Call the one your working with. The reason is who is that agent really going to represent the best. The sellers hired them initially. You want an agent that you know is working on your behalf and no one elses.
Good luck
CA Lender Source(s): 23 years lending experience

Hi,

I am a licensed realtor and loan officer in the state of Illinois. You need a VA certificate to conduct this loan but you are absolutely correct. The VA program allows for 100% financing. If your husbands credit is good you can apply at most banks since they carry this product. Otherwise, you can shop brokers and try and negotiate the closing costs. Collections or bad credit would not allow you to get the loan because like any other loan the bank underwrites your credit history, income and assests to make sure you can pay it back. The benefit to the bank is that the loan is guaranteed by the veterans administration or at least a portion of it in the event of default.

Good luck

Let me know if you have any more questions.

Germaine
You will still want to get a realtor, they will be negotiating your price and handling contracts and legal aspects. The lender will not matter much because VA loans are regulated tightly, you won't get ripped off. Yoo just need to find a broker or lender that is qualified to do them as not all are. do go to a lender before you start home shopping so you know what you can spend.
Realtor and Mortgage broker in san Diego